Hiscox Sets Aside €5 million for October Floods in France

Earlier today, Hiscox, the international specialist insurer, issued its Interim Management Statement for the first nine months of the year to 30 September 2015.

The statement said that Hiscox had benefited from a lack of storms, floods and hurricanes this year, although Hiscox UK and Europe has set aside €5 million for the October floods in the south of France. The statement added that the group had limited exposure to the recent floods in South Carolina.

Gross written premiums grew by nearly 13% to to £1,536.9 million, driven by a strong performance in insurance lines particularly in Hiscox USA and Hiscox London Market.

In their statement, Hiscox said the the Group has also benefited from good risk selection and a lack of storms, floods and hurricanes.

Bronek Masojada, Chief Executive, commented: “Our strategy is working. A long-term investment in the brand has helped us attract new business and talent and we see plenty of opportunities for growth.”

Based on early estimates, Hiscox said it expected net claims of $10m from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the recent South Carolina floods.

Interstate 77 crossing the Congaree River This view is just north of the Interstate 26 junction. Photo: South Carolina
Interstate 77 crossing the Congaree River
This view is just north of the Interstate 26 junction. Photo: South Carolina